CHICAGO, March 7, 2019 /PRNewswire/ -- According to the new market research report "Genomics Market by Product and Service (Systems & Software, Consumables, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostic Application, and Precision Medicine), End User (Research Institute) - Global Forecast to 2024", published by MarketsandMarkets™, the Genomics Market is projected to reach USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5% during the forecast period.

Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the Genomics Market during the forecast period.

The consumables segment accounted for the largest share of the Genomics Market, by product & service

Based on product & service, the Genomics Market is segmented into consumables, systems & software, and services. In 2018, the consumables segment accounted for the largest share of this market majorly due to the repeated use of consumables for genomic experiments and the increasing number of research programs by academic institutes and non-profit organizations.

By technology, the Genomics Market is segmented into sequencing, microarray, PCR (polymerase chain reaction), nucleic acid extraction and purification, and other technologies (such as branched DNA analysis, single-cell genomic analysis, and flow cytometry). The PCR segment accounted for the largest share of the Genomics Market in 2018. Technological advancements, increasing research in the field of genomics, and the lower cost of DNA amplification using PCR are the key factors driving the growth of this market.

The diagnostics segment dominated the Genomics Market, by application, in 2018

Based on application, the Genomics Market is segmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and other applications (such as forensics and biofuel research). Diagnostics is the largest and the fastest-growing application segment of the Genomics Market primarily due to the increasing research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing.

In 2018, North America was the largest regional market for genomics. The large share of North America in the global Genomics Market can be attributed to the increasing research funding and government initiatives for promoting precision medicine and the use of GM crops in the US. The Asia Pacific market, on the other hand, is expected to register the highest CAGR during the forecast period.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.